you know authentic traditionally opulent. i should not i would not like to have it in a shiny condition to be on the time to change even for the better is not always good for business something that even a local band has become attuned to when they try to add morning russian songs to their repertoire it left the audience called the wanted to hear it was a song comfortably familiar. it's thirty minutes past the hour here in moscow welcome to the business program russia's second largest mobile phone operator megaphone offered its shares to the public in moscow and in london on wednesday and then watched the stocks slide in

the first hour hours of trade did manage to bounce back to close at the placement level the i.p.o. raised to one point seven billion dollars becoming russia's biggest in about three years ever since the metals. for its shares to the public in two thousand and ten to get all the details let's cross over to our correspondent sara for. well this is the biggest question and this will public offering this year russia's second biggest mobile operator megaphone making is. the london stock exchange with a one point seven billion dollar capital raising a full sold its stock at an initial offering of twenty dollars. which is at the bottom end of that twenty to twenty five dollars estimated price so they certainly lowered their brains of the company's controlling stake. models and although they listed. at the bottom of that range on this they can see saying

that megaphone for a good solid company but launching this i.p.o. at a time when we're seeing a bit of nervousness amongst investors you've got the u.s. fiscal crisis you've got the european debt crisis going on also a lot of investors in this climate looking to reduce their exposure to the emerging markets which of course is one certainly the timing of the i.p.o. could affect that price initially indeed the i.p.o. market in the u.k. this year has been a little bit say and relatively quiet say in a. disappointing pace i.p.a. performances so it's success the megaphone right now we've certainly seen this thing confidence and sentiment about london's this things. well these listings maybe a confidence boost for some but others shy away from listing of the current market conditions and that's one of the reasons why bonds have become the number one choice for many companies looking for financing according to world seed capital of

russia's corporates this year born a record forty billion dollars on the international markets to find out why they're doing it and how they're planning to pay it all back let's cross over to the business desk where nick pool is following the story so nick why do these companies need all this money and why now it is a recall but it's important remember the big chunk of that is being taken up by rolls and you have to finance its acquisition of t.n. k.b. p. it's looking for about thirty billion in your bones and bank loans there have been some other pretty substantial purchases spared by taking of austria's bolts buying just yesterday russian railways buying gifts from poser citron well does that mean that it's a good time to buy right now with your being in the midst of a recession and these assets being cheaper ones well cheap is not necessarily good although it doesn't hurt. and europe being in crisis does present some

opportunities but as jaroslav list of olic tells us that you can economist from deutsche bank quality is key. the priority for russian for bridge should not be so much borrowing more in order to spend more but rather the focus needs to be squarely on the quality of spending on the quality of costs and quite simply cutting costs is very important for russian corporates and i think for international investors this is probably the key issue that they will be gauging in the course of next year the structure and the quality of the call service companies . but naked does sound like all these companies are mentioning ross now have their bank the russian railways they're all state owned it's a bit like the government has taken over isn't. the state is a big part of business anyway in russia so one of the business does business abroad than the state is often involved but due diligence is important here the state

often has a tendency to not necessarily pick the most efficient most business minded deals and so when the foreign acquisitions are being made but there's a in the hint that it's on the basis of political arguments rather than business arguments you know investors should be wary but being state owned do they have these get good rates the interest rates on their loans i mean they do the backing of the government so i think isn't helping in that regard the government has a better credit rating than companies and therefore they can go to the market and say look we we've got strong backers here it's also important to remember that the sherry is use of them would not the best way probably the government's been avoiding it it thinks it's not the right time it won't get the right price for state owns property whereas private companies well they've just been having a hard time getting the issues off the ground and not have had to withdraw at the last moment due to a lack of investor interest but more as. how do you get paid back well there are

ways to pay off that perhaps the best one is. to pay it off to it being profitable you make more money and you can pay down that way you can go to the market late today when the conditions are more favorable or you can sell off bits of your company and raise cash in order to pay down that it is important to note so that if that's too high this becomes a real problem can become a real problem for a company if they are under invest in their own development well you have to look at what happened to rousseau to see that sort of question retire in that regard well let's hope that other corporates are not following rules sols food stamps thank you very much nic pool now moving on on the currency markets of the ruble share devalued ganz the major currencies the euro is losing to the u.s. dollar now on to the equity markets wall street is trading higher this hour after starting the session in the red the equities there rebounded after now be comment

from the house speaker john boehner and european stocks are also narrowed their losses thanks to banners comments the footsie and the dax closed watch positive here in russia the in the seas lost more than one percent with the r.t.s. dropping below the fourteen hundred point loss. and russian diamonds will soon shine in tiffany's the u.s. jewelry giant signed a long term contract with russia's diamond producer. r.t. gan she counted brings the details from. one of the world's most coveted jewelry brands tiffany will start getting its precious rocks from russia the washington diamond producer also which happens to be the world's biggest producer of dive interest sealed a long term deal with the u.s. dollar giant companies known to have very high standards for diamonds they're buying them from a number of countries including canada australia and south africa. they're expected

to buy at least sixty million dollars a year worth of diamonds from the russian research it's reportedly a three year contract a bit more about what should a little side if minds a quarter of walls diamonds ninety percent of the companies owned by the government its sales this year reached four and a half billion dollars so you could imagine that this should share that tiffany will have a dollar also as revenue is going to be very very modest but because of tiffany's name and tiffany is almost a cultural phenomenon with movies like breakfast at tiffany's and so on the deal will certainly have a very special will add a very special sparkle to the russian companies. ukraine's much publicized deal to buy liquefied gas from spain is quickly unravelling into a sham just on monday ukraine the proudly claim that it will soon overcome its dependence on that russia's gowns and a pompous ceremony that prime minister may call azar of attended a crane signed a one billion dollars agreement to build an l. and g.

terminal in the odessa region it's hard to know what was spain's energy giant gas natural for noosa or so everyone thought but now it turns out sunil sim is nothing about the deal and is denying any involvement ukraine's foreign ministry officials have urgently last forcefeed a few hours ago to clarify the situation we'll keep you updated on the spasso nato story of course and that's the latest from the business desk this hour and up next thirty talks to a key british trade union leader about the widening gap between the government and the workers stay with us. she did lumber tour. was able to build on each most sophisticated robot which will include. dorna mt anything tim's mission to teach me. to care about

humans and. this is why you should care only. for the. science technology innovation all the least of melons from around russia. the future.

to see a story. you think you understand it and then you glimpse something else you hear or see some other part of it and realize that everything you. are welcome to the big picture. culture is the same i'm going to give each musician a minute to markland revolutionary dictator in the making of president mohammed morsi presidential decrees granting him wide powers has reopened the debate about. it was not the military. today signed a new contract for the unit of the huge contract. it was not the operation to secure and rebuild the devastated country caliber company to build taxpayers for its contract work in iraq. it was the campaign for making billions of dollars.

and. build. one billion dollars iraq for sale. or growth appears on archie.

today i'm talking to bob crow he's one of the u.k.'s most notorious union leaders he heads up the are empty the underground dreyfus union but across science we're talking to us now just in the past couple of weeks your members have gone on two separate strikes train clean as an underground maintenance workers you've gained this reputation as the most strike happy union why are you so quick to take action like this when we're not quick to actually cite the action i mean we have to have a power of our members a secret ballot the ballots conducted in the members are now and they can vote yes or no we always put a recommendation which what it should be recommended. action we give the employer seven days notice before we start the power when we get the ballot result when we think of seven days no it's a month just for the ballot in process so we never actually conduct negotiations for a sign of a ballot to strike action. climbing we try to get what we can without going on

strike eighty percent of our members we achieve what we want without going on strike for those employers that always in and not the players union members a fair deal then there's two options bicycle you accept what the employer is offering always say to our members who are do something about it and in the mine members say they want to fight for better pay and conditions let's take those two strikes as an example what percentage of your members posted in those ballots in the two blinds or the maintenance workers one of the workers that work on the truly northern picket line there is about fifty four percent turnout on the cleaners one there is one about thirty five percent thirty seven percent thirty seven percent doesn't sound like very many know me and we would like more people to vote but they get the opportunity to vote some people don't vote because they want to see what the opposite doing but when you look at the local elections in. a local councillors are making decisions on people's council tracks and local rates and local decisions

there are ten eleven percent of the electoral vote transport strikes can be some of the most disruptive even the short ones that we see now how do you justify making people's lives a misery when essentially all they're trying to do is get to work for them while we always apologize i mean we actually support the traveling public who don't want to cause misery to them we want to get them from a to b. where we're pleased to get to work or to see their loved ones in hospital or to enjoy themselves socially we want the railways and the buses to work in good for the traveling public but in that are you know you can't make an omelet and they should crack a tax and if your move involves mounts of people on a public metro system. but as soon as there's a problem then there's chaos but it takes two to tango it be in the belly you know it's the employers for as well that we take action if the employer negotiate a proper someone with us there we will and so your action but sometimes you know you have to stand up and side with the impiety when you've been inside the with

defending conditions and it does cause disruption i mean in some saw him says that economic position biggest employer come to the table and negotiate seriously of us isn't it your job to make those negotiations work without going on strike yes i mean our job is to actually go and try and persuade the employer. and hopefully that the argument is conceded by the employer in a lot of occasions there aren't is conceivable the employer of occasions the employer and ask compromise and we reach a settlement in some other areas the employer says they're not in the pay it's a one inch and therefore the members of the right decisions we accept what the employer is doing or to stand up and for having said all that strikes do you seem to be as terrifying a prospect as they once were why do you think that is where we're in that are you mean it's not the terry farm in that eye is that the members are employed by the employer to do a job so once that person is not employed anymore e.g. by your own straw it has an effect within a company the reality is that workers haven't got much power at all all of the in

the dry is that the employer is going to cut their pay and conditions is to combine together so the fed their selves one worker in their own can do nothing but when workers combine and be part of a union they came the time was all your members would have thought of themselves as working class but now there's much more of a tendency for people to refer to themselves as middle class has that affected the propensity to strike to think not really knowing that in little way what is poor class more is middle class i don't know i mean of explain what it means. a lot of people. shares and by the whole known by become middle class first the case they're staying on the dole queue in. with the same shares in their back pocket almost no point at the financial times of reading every day if you stay in the door looking for a job so to me working class and middle class or the word means or in our ways all of you come to work when you sell your labor to the employer or the employer owns

your to do that work so the move is a boss's loss and if the working class is not such thing as a middle class you're now proposing another winter of discontent walkouts and demonstrations surely nothing could be more damaging to britain's prospects for recovery it in that thought or no i mean the reality is. public sector workers are a minority more you must are sorry for no pay off for two years they've seen their pensions go up by three percent. then they're seeing their child benefit for a lot of them being stopped and what that really means is a massive attack on the stand to live in where inflation is going up by about nine or not percent in two years some of these people are no payrolls at all and their pensions have been put up on top of that they've been off for the next two years to accept one percent over the next two years as well so we're not supporting a winner who this consent to call to screw up should with that is about it's own that workers say the nuff said nuff next week for example before in from over ember

workers increase workers in spine workers in portugal all going to be out on the general strike so it is good for those poor guys to defend themselves then we think we should not approach workers design but you're not suggesting surely that the situation here is this bad as that in their pigs country it's it's not bad for everyone but is certainly bad for alarm some people those people the public sector lost their job those people or their child benefit stops those people or their pensions put up i think is very very bad for them and for these kids these young kids now leaving school what kind of hope will they go up wanting for them on the dole even if they go to university and get a fifty thousand pay. their neck to be a student where they get a job where they're going to go home and wear their pinching the debris when they retire there is no hope at all for these young kids and we feel there's a better quality image in november the fourteenth you are in support of a general strike yes i support general strike here i think that we should have

a general strike next week with the rest the country that's a connection in europe in my view is pretty simple was that if they're attacking all workers together then we need to push your words up to give and defend ourselves we give up and walk out and take action to give you one of only three union leaders who support the idea of a general strike why can't you carry the other union leaders with you well that's not absolutely true without the leaders but certainly the unions do support the practicalities of looking at a general strike at c.u.c. congress this year a resolution was passed that we look at the practicalities of it there may be that a prosecutor is me that we can't but we certainly should look at it through the other unions don't they so it doesn't worry me been the minority in the minority most more life but for now but later on in life the minority position or took is now the majority position and people support me it was years ago that people would be said seen dead with no cement burner there every single poll in the world was to

be seen with nelson mandela because it looks so sexy and progressive so are things can change the fact is that these young kids are not in the park this forevermore they're not really have a lot of time on the dole and what we really surly is all the gains that was made since world war two in this country a national service comprehensive education a social studies that's all be that massively eroded and therefore the only option we've got or is to offer give our children a worser saw and all i care fathers and grandfathers and grandmothers and mothers gave us a bit as are you more of you in life is to make things better for people not worse you talk about the practicalities of a general strike i think people would like to know what you look out. before you endorse that i dare well number one is surely a legal restriction in this country. there's been a doctrine produced boy professor keith you're in pain john hendy q.c. leading barristers who are signing but you came out of

a political strike it's movie an international law where scientists have a look at their stories sets it see if we can do it what are the repercussions of going to hit with their what unions were prepared to support so there you should be looking at the executor so you see if he saw that there will be anybody over it the general council we mean it's month and we're be arguing nor certainly will be arguing that if people can't persuade me that they can't have a general strike then we should be proceed in hate to name a di in the spring called general strike there hasn't been a general strike for eighty six the air how do you expect to carry the general public with you for a general strike in twenty six probably none of us can remember it or certainly don't but other than a couple of days of action since then the seventies for example five dock workers were put in prison called part of your five and the two you see general council called a strike unless these people were taken out of prison there's also the director

that we had last november on the thirtieth which is a massive demonstration with the massive demonstration this year a couple of weeks ago and the massive demonstration both in london a couple weeks ago but also in clans go belfast as well so i think there's massive matters of paul and support generates and when people shot see in the be the tatts whether it be their kids not be able to afford to go to university their kids not be able to get social housing there are mothers not being able to get meals on wheels all of the social benefits been eroded child benefit been stopped often. that is got to do sign about it and i. and so what we're doing is that you are you nineteen and loads of people this country from different walks of life society that the government's policies are wrong and they go in there and the abyss really unless we put them out there because now and kids back to work what do you say to accusations that your your bellicose attitude is destroying not just the are empty

but the union movement as a whole that these strikes and walk out sometimes over the welfare of just one single worker is what led to us all falling out with the union movement back in the seventy's well number one we're certainly not wrecking the arm to your membership going up from fifty two thousand when i got elected. and now we need to have doubled. over fifty percent in ten years and certainly we've achieved on the best pyrolysis. across the limber of the british in this great. god in one worker bee in science well that's the reason you join the union because that worker maybe you tamara and you expect your union support you if you was being dismissed so i mean look i got no power to all the workers that got the power in the strength of the ballot box and in the strength of using that industrial action if soberly in the what we threw in the dye is make it quite clear we're all trying to try and persuade the boss the case is right that we want workers to earn money not lose

money we certainly don't solve our life in the morning by side who can we call them straight to try to though we would love to be able saw in everything. but once the employer takes their position and their position is not acceptable to our membership members then we give our members for it or don't fight if you don't fight then you're to put up with the sign we don't want to fight you've got a chance of winning you weighed in on the floor if chancellor george osborne having first class and a train with the wrong take it is it that you think that even the person who holds the second most important state post in the country should be travelling out of an apex if you say no not so on care less if you try was first loss of. so it's on members working a first class that's not the issue the issue was the why you that you spoke to the member of style and save you know i am always i did say that you know i am you know i'm busy following a busy. person said wallace both together were on his boat together the various

everyone else thank you very much thank you.

i. if. russia would be soo much brighter if you knew about someone from phones to pressure in some. news

for instance on t.v. dot com. parents versus social workers docu net being the last stop on any that damn good many children have become prizes to fight for why does the last threaten families the social for it to see in the form of the right of will for minimal favor they have any. suspicion about the morphing of your children are often a just better at bringing up kids than their own mom and dad. from what we have an

industry that is so. concentrated on the other for trade with children. couple. hit. it is. good. if.